RBS to give customers struggling due to coronavirus mortgage and loan payment holidays

RBS and NatWest have promised up to three-month payment holidays for customers whose finances have taken a hit due to coronavirus.

The banking group says mortgage and loan repayments can be deferred by up to three months for those in financial difficulty – although this will be on a case-by-case basis.

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On credit cards, it says it will waive cash advance fees applied when people use their cards to withdraw cash, as well as allow customers to apply for an increased temporary credit card limit.

It’s also going to let customers request an increased cash withdrawal limit of up to £500, and waive early exit fees for customers closing fixed savings accounts as they need access to cash.

This isn’t a blanket provision for all customers, so anyone in need of financial help as a result of coronavirus should contact the banks via private message over social media or via secure message over the app.

RBS and NatWest add that people struggling to get into branch because of the virus should also get in touch, as well as consider using mobile app and online banking instead.

The bank has already pledged a £5billion working capital fund to help small- and medium-sized businesses hit by coronavirus, as well as offer them loan repayment holidays and temporary emergency loans with no fees.

A spokesperson for the banking group said: “We understand that there may be circumstances where a personal customer may fall into financial difficulty as a result of the impacts of coronavirus, for instance, loss of income.

“We will look to understand each customer’s situation on a case-by-case basis and can offer a number of options to help them manage their finances.

“We would encourage any customer experiencing financial difficulty to get in touch with us.”

Banks, building societies and credit card providers routinely offer payment holidays or freeze or waive charges for customers struggling with debts who get in touch.

But trade body UK Finance warned last week that banks need to give customers bigger overdrafts and mortgage holidays if they’re struggling particularly due to coronavirus.

RBS does, however, warn that it will never ask you for your full PIN or password, card reader codes, or ask you to move money from your account.

It comes as scammers have been sending fake coronavirus emails and texts to try and steal your personal details.